Magnetic Resonance Imaging Market

Executive Summary

Magnetic Resonance Imaging Market was valued at US $5.17 billion in 2021 and is projected to grow at 7.74% CAGR over the forecast period to reach US $8.09 billion by 2027. Magnetic Resonance Imaging Market represented US $0.72 billion opportunity over 2019-2021 and estimated to create US $2.92 billion opportunity in 2027 over 2021.

Magnetic Resonance Imaging from Consainsights analyses the Magnetic Resonance Imaging Market in the Life Sciences industry over the forecast period to 2027.

Magnetic Resonance Imaging research report from Consainsights outlines the detailed strategic analysis, trends, market opportunities, growth prospects, industry and market challenges and sustainable solutions to sustain in the competitive environment.

Magnetic Resonance Imaging segmentation includes Field Strength, Architecture and Geography.

Based on the Field Strength, the Magnetic Resonance Imaging analysis covers High-Field MRI Systems (1.5t to 3t), Low-To-Mid-Field MRI Systems (<1.5t), Very-High-Field MRI Systems (4t and Above).

In Field Strength segment, High-Field MRI Systems (1.5t to 3t) segment has highest cagr growth of 6.85%.

Based on the Architecture, the Magnetic Resonance Imaging analysis covers Closed MRI Systems, Standard Bore MRI, Wide-Bore MRI, Open MRI Systems.

In Architecture segment, Closed MRI Systems segment has highest cagr growth of 6.85%.

Based on the region, the Magnetic Resonance Imaging analysis covers North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America.

Key companies operating in the market include Hitachi, Siemens Healthineers, Canon Medical Systems, GE Healthcare, Philips, Aspect Imaging, Bruker, Aurora Imaging Technology, Esaote S.P.A, Fonar, Neusoft Medical Systems, Shenzhen Mindray Bio-Medical Electronics and so on. This report covers the detailed analysis of the company profiles such as business segments, product portfolio, key brand insights and growth strategies adopted, company SWOT and Strategy analysis along with the financial analysis and analyst insights on the key companies operating in this market.

Market Overview

Definition & Scope

The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.

The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2027.

The review period considered for this study is from 2018-2027. The CAGR is for the forecast period, 2022-2027.

Market size estimations for the forecast years were in real terms. Inflation is not part of the pricing, and the average selling price (ASP) was kept constant throughout the forecast period for each country.

Distribution of primary interviews conducted was based on the regional share of the market and the presence of key players in each region.

As a result of data triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final values.

Currency, Year & Forecast

The currency used in this report is USD, with the market size indicated in terms of USD million/billion.

For companies reporting their revenues in USD, the revenues were taken from their respective annual reports/SEC filings.

For companies reporting their revenues in other currencies, the average annual currency conversion rates were used for a particular year to convert the value to USD Market Definition.

Field Strength

Introduction

In 2021, High-Field MRI Systems (1.5t to 3t) segment has the highest revenue of US $2.98 billion and is expected to grow at CAGR of 6.85% by 2027 High-Field MRI Systems (1.5t to 3t) segment has highest cagr growth of 6.85%.

High-Field MRI Systems (1.5t to 3t)

High-Field MRI Systems (1.5t to 3t) segment was valued at US $2.57 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $4.66 billion by 2027. High-Field MRI Systems (1.5t to 3t) segment represented US $0.41 billion opportunity over 2019-2021 and estimated to create US $1.68 billion opportunity in 2027 over 2021.

Low-To-Mid-Field MRI Systems (<1.5t)

Low-To-Mid-Field MRI Systems (<1.5t) segment was valued at US $1.06 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $1.93 billion by 2027. Low-To-Mid-Field MRI Systems (<1.5t) segment represented US $0.17 billion opportunity over 2019-2021 and estimated to create US $0.70 billion opportunity in 2027 over 2021.

Very-High-Field MRI Systems (4t and Above)

Very-High-Field MRI Systems (4t and Above) segment was valued at US $0.83 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $1.50 billion by 2027. Very-High-Field MRI Systems (4t and Above) segment represented US $0.13 billion opportunity over 2019-2021 and estimated to create US $0.54 billion opportunity in 2027 over 2021.

Architecture

Introduction

In 2021, Closed MRI Systems segment has the highest revenue of US $2.16 billion and is expected to grow at CAGR of 6.85% by 2027 Closed MRI Systems segment has highest cagr growth of 6.85%.

Closed MRI Systems

Closed MRI Systems segment was valued at US $1.86 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $3.38 billion by 2027. Closed MRI Systems segment represented US $0.30 billion opportunity over 2019-2021 and estimated to create US $1.22 billion opportunity in 2027 over 2021.

Standard Bore MRI

Standard Bore MRI segment was valued at US $1.55 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $2.81 billion by 2027. Standard Bore MRI segment represented US $0.25 billion opportunity over 2019-2021 and estimated to create US $1.01 billion opportunity in 2027 over 2021.

Wide-Bore MRI

Wide-Bore MRI segment was valued at US $1.01 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $1.83 billion by 2027. Wide-Bore MRI segment represented US $0.16 billion opportunity over 2019-2021 and estimated to create US $0.66 billion opportunity in 2027 over 2021.

Open MRI Systems

Open MRI Systems segment was valued at US $0.03 billion in 2019 and is projected to grow at 6.85% CAGR over the forecast period to reach US $0.06 billion by 2027. Open MRI Systems segment represented US $0.01 billion opportunity over 2019-2021 and estimated to create US $0.02 billion opportunity in 2027 over 2021.